ANZ has told a court it had no obligation to disclose a $750M bailout by the underwriters of a $2.5B equity capital raising in 2015, in ASIC’s case alleging the bank breached its continuous disclosure obligations by failing to alert the market to the bailout.
A class action over the collapse of Walton Construction has argued the National Australia Bank cannot shield communications with Norton Rose Fulbright and Deloitte because they were made to further a fraud or otherwise had an illegal or improper purpose.
A judge has expressed his “frustration” that a class action against the government over the use of alleged toxic firefighting foam has not settled despite the resolution of similar group proceedings almost three years ago.
The lead applicant in a franchisee class action against the Hog’s Breath Cafe restaurant chain is considering an application to declass the case it brought after losing a challenge to a $1.23 million security for costs order.
A judge has refused American International Group’s bid to withdraw an admission that directors of defunct advisory firm Linchpin Capital were covered under a D&O policy in an investor class action that has settled against everyone but the insurer.
A judge has ruled Scenic Tours can cross-examine class action members without seeking approval from referees, who will oversee a process for assessing amounts owed to them, after the tour operator mostly lost its appeal of a judgment that put it on the hook for damages to disappointed cruise goers.
Leading barristers have come out in support of the proposal to amend the Constitution to enshrine a Voice to Parliament to represent First Australians.
A senior ANZ executive was “deeply concerned” by the size of the shortfall in its $2.5 billion 2015 equity capital raising, the court heard on the first day of trial in ASIC’s civil penalty case against the bank over alleged disclosure breaches.
Reforms that would make lawyers subject to the anti-money laundering and counter terrorism financing regime have received mixed reviews from legal professionals, with one expert saying the regime was a “blunt instrument” and could put lawyers in an ill-suited policing role.
A barrister’s $320,000 bill for a case initially estimated to cost $60,000 in counsel fees was at the centre of an appeals court hearing Monday, and the dispute mirrors another battle between the practitioner and his instructing solicitor involving a cost blowout of a quarter of a million dollars.
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